“Many Florida homeowners have been able to rebuild home equity due to strong price growth, but that can also pose a challenge for first-time buyers and move-up buyers,” says 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “However, new listings rose in March, which is good news for potential buyers. New listings for existing single-family homes rose 5.6 percent compared to a year ago while new listings for townhouse-condo properties are up 2.6 percent.”

Meanwhile, sellers received more of their original asking price at the closing table. Sellers of existing single-family homes in March received 95.8 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.5 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $209,500, up 10.3 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in March was $155,000, up 3.3 percent over the year-ago figure.

March marked 52 months in a row that statewide median sales prices for both single-family homes and for townhouse-condo properties rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in February 2016 was $212,300, up 4.3 percent from the previous year the national median existing condo price was $198,900. In California, the statewide median sales price for single-family existing homes in February was $446,460; in Massachusetts, it was $309,000; in Maryland, it was $235,206; and in New York, it was $235,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 10,076 last month, down 7.1 percent compared to March 2015. However, the closed sales data reflected fewer short sales and cash-only sales in March: Short sales for townhouse-condo properties declined 39.3 percent while short sales for single-family homes dropped 33.2 percent. Closed sales may occur from 30 to 90-plus days after sales contracts are written.

“Overall, statewide inventory levels essentially held steady in March; however, beneath the surface, we can see that active listings in the most affordable price tiers are continuing to decline,” says Florida Realtors Chief Economist Brad O’Connor. “These declines are being offset by the growth in the upper price tiers, particularly in the luxury market. The active inventory of homes listed for over $1 million, for instance, was up 18.3 percent year-over-year among single family homes and 38.6 percent among condos and townhouses.”

Inventory was at a 4.5-months’ supply in March for single-family homes and at a 6.3-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.69 percent in March 2016, down from the 3.77 percent average recorded during the same month a year earlier.

I recently attended The “Broward Deep Dive” panel event, one of two at the event at the Design Center of the Americas in Dania Beach, focused on analyzing Broward County’s hottest markets and comparing them to their biggest competitors in Miami-Dade County.

One of the highlights is that as Miami’s real estate market loses some of its heat, Broward County is maturing as a hotspot of new development in South Florida, according to the panel of experts. It accounts for 19% of South Florida’s new development activity according to figures cited by panel moderator Peter Zalewski, a TRD columnist and founder of research firm CraneSpotters.com. With a big part of that development upswing due to the Related Group, a firm famous for cranking out luxury buildings in Miami.

Yet amid all, some uncertainty remains, not about the trend as much as about its composition. Related has still yet to determine whether its iconic Las Olas development should be rentals or condos, Campbell said. This is evidenced by the possible launch of phase III before II at the company’s New River Yacht Club project, purely because 190 units will be easier for the market to absorb than 350.

“With the pace of sales in Broward, we want to let the market decide.” he said.

Perhaps the buyer demographics plays a bigger role. Broward sees far more empty nesters in the county’s western suburbs seeking to downsize, while also buying luxury units now that they can afford it. Also, Broward sees more tough sells, as buyers tend to kick the tires more and scrutinize everything from the finishes to the location.

Jean Francois Roy, founder of development firm Ocean Land Investments, is tapping into that same demographic with his nearly half-dozen condo projects in the luxury area around Las Olas.

“After the last recession, we decided to specialize in Broward County,” Roy said.

Not surprisingly, several of the panelists agree transportation is a huge factor in helping Broward’s real estate market grow. Commercial prices in Fort Lauderdale and especially in the hip neighborhood of Flagler Village are poised to rise as new commuting options emerge for residents. Meanwhile, All Aboard Florida will launch its Brightline line next year, with trains running between Miami, Fort Lauderdale, West Palm Beach and Orlando. And finally, Fort Lauderdale is considering the Wave street car, which will bring familiar commuter service with in-ground San Fransisco-style trolleys.

“Every deal that we’re looking at is pushing the envelope as far as parking reduction,” he said. “Not because of costs, because… what are we’re going to do with these garages that nobody is going to use? The next few years, we’ll probably see a lot of more these buildings with no parking.”

Source: TheRealDeal.com — April 14th, 2016

Original Article: Demand in Broward County still rising: TRD Panel – The Real Deal

A new icon of modern urban lifestyle goes up in West Broward County. Metropica epitomizes modernity, luxury and technology. The result is a very accessible package for those seeking an upscale “city within a city” to call home, where one can work and play.

The vision behind Metropica was to completely reimagine and redefine today’s modern urban lifestyle. Beyond luxury, beyond the latest in technology, beyond top-of-the-line amenities or enviable views… Metropica combines all this and more, creating a dynamic community where life takes place in all its many forms. You get a place where work and play and life all happen seamlessly, together. Metropica offers residents an intriguing array of regional and international cuisine, a curated collection of boutique shops and name-brand retailers, ample outdoor areas, shared community spaces, easy access to the rest of the city, and pedestrian-friendly planning that puts it all merely moments from home.

Metropica, we are proud to say, represents a revolution in human modernism, a movement that handcrafts new cities as destinations that are reflective of the increasing richness and integration of our everyday lives.

It’s not just a residence or a retail or corporate complex. Metropica is a new way of life.

— Joseph Kavana

Located in a serene, congestion-free neighborhood, Metropica is a modern urban community offering access to the very best South Florida has to offer. Minutes from the pristine beaches of Fort Lauderdale, headlining concerts at BB&T Center, and the exciting nightlife of Miami, this well integrated neighborhood is an effortless blend of all aspects of modern life.

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